Math of Finance Chp 2 Review

The amount of money you make each month is considered what?

• credit
• debt
• income
• interest

When Briana starts her new job as a lawyer, she is asked to fill out a W4 by her employer. Why does your employer need the W4?

• To determine your income for the year

• To figure out how much money to withhold for taxes

• To track where you live

• To steal your social security number and sell it online

What is monthly gross income?

• The amount earned with no taxes and no deductions taken out (like health insurance and retirement).

• The amount earned with taxes and deductions taken out (like health insurance and retirement).

• Income earned that your employer has to know about

• Income earned each year that is given to your family members.

Cam finally receives his first paycheck at his new job. What amount will he receive after all taxes and deductions are taken out?

• Gross pay

• Income

• Net pay

• Social Security taxes

Maliyah's premium for her auto insurance is $80.00 What is a premium?

• Monthly cost for an insurance plan.

• Yearly service for your car that typically your insurance company pays for

• The amount that must be paid each time you take your car in to get it serviced.

• The amount that must be paid by an individual before the insurance company starts to pay.

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Alexis worked 24 hours last week. At a rate of $12 per hour, what was Alexis' gross pay?

• $36

• $144

• $288

• $312

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Tags

CCSS.7.RP.A.3

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

• $506

• $406

• $262

• $266

Tags

CCSS.7.EE.A.1

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

• $39

• $67

• $91

• $96

Tags

CCSS.3.OA.D.8